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Here's how much you need to earn to live in your own flat in London

Even San Francisco looks cheap when compared to some of London's Boroughs

Here's how much you need to earn to live in your own flat in London
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London is famous for its sky-high rents

An online estate agency has revealed how much Londoners would need to earn to live alone.

Nested.com, a London-based online-exclusive estate agent, produced the Rental Affordability Index, illustrating the price of renting per square meter.

It looks at 33 London Borough and 15 UK cities as well as 72 global cities.

According to their research, renters in London have to pay an average of £963.76 a month to live in the recommended space for one person.

To make living alone affordable, they need to earn a gross annual salary of £39,876.84 or £3,323.07 a month.

This would cover the rent for a flat – rather than a room – and any additional living expenses.

For a family of four, the recquired salary nearly doubles: they would need to earn £6,305.31 a month,or £75,663.72 annually, to cover everything.

The numbers are based on the recommendation that renters should spend a maximum of 29% of their income on rent.

Affordability across the capital’s Boroughs varies wildly.

Unsurprisingly, the Borough of Kensington and Chelsea takes top spot, with a monthly rental for a single person costing
£2,823.60.

That’s £72.40 per square meter, nearly three times the average of £24.71.

If you wanted to live here on your own, you’d need to earn £116,838.60 a year.

On the other end of the scale sits Bexley, in South East London, where a square meter costs an average of £13.30.

This brings the average rent up to £518.70 a month, meaning renters need to earn £21,463.44 a year to make it affordable.

In a UK comparison, London is twice as expensive as the follow-up, Edinburgh.

Here, single renters need to earn £20,737.20 a year to afford living alone – at an average square meter price of £12.85.

But in an international comparison, London falls far from the top spot.

Tipped against the likes of New York City, Hong Kong and Geneva, the British capital barely misses the top 10, coming in at 11th instead.

San Francisco tops the ranking, followed by NYC and Hong Kong.

But even the Golden City can’t beat the cost of London’s most expensive Borough.

The price tag for a single person rental sits at £1,669.59 – just over half of what renters in Kensington & Chelsea need to pay.


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